Learn About Loans

There are many different types of loans. Find one that works for you.

When you are ready to buy a home it is essential to meet with a loan officer. Work with your lender during the contract period to make sure you provide them all the information they need to make sure you meet the close date.

First, you will need to be pre-qualified for a loan. A “pre-qualification” means you will receive a ballpark figure on what you are able to afford so that you can begin searching for your new home. Once an offer has been accepted the pre-approval process begins to secure the home loan. A “pre-approval” means that your lender has reviewed your financial status such as tax returns, debt status, savings, investments, credit history, and gross annual income.

A Few Mortgage Basics:

The average home payment is approximately 30% of monthly income.

The most common forms of financing are 15-year and 30-year fixed-rate conventional loans. Interest rates vary from time to time.

Minimum down payments vary from 0 percent to 20 percent depending on the borrower’s qualifications and the type of financing desired. From VA to 100% USDA loans, our great lenders have you covered.

There are a variety of different loan programs offered. Each lender has something new and innovative to meet your loan needs. Your Murney Agent will help in finding the correct lender for you.

Beginning October 2015 there is a new regulation that our government has mandated called TRID. It requires that any transaction that has financing be given a Closing Disclosure that needs to be signed by the borrowers at least 3 business days before the actual closing can take place. Make sure to ask your lender about this as well.